7. NO WAIVER

 No failure on the part of any of the Guaranty Beneficiaries to exercise,
and no delay in exercising, any right or power under this Guaranty shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right
or power preclude any other or further exercise thereof or the exercise of any
other right or power, or of any remedy, of any Guaranty Beneficiary under this
Guaranty, the Operative Documents or applicable law.

8. GUARANTY OF PERFORMANCE

 This Guaranty is a guaranty of payment and performance and not of
collection and Guarantor waives any right to require that any action against
Lessee or any Affiliate be taken or exhausted prior to action being taken
against Guarantor. Guarantor shall pay to each Guaranty Beneficiary on demand
all reasonable attorneys' fees and other reasonable expenses incurred by such
Guaranty Beneficiary in exercising its rights and remedies provided hereunder,
together with interest on such sums as the Interest Rate, from the date of
demand by Lessor.

9. REPRESENTATIONS AND WARRANTIES

 The Guarantor acknowledges that the Guaranty Beneficiaries have entered
into the Lease and the other Operative Documents to which they are,
respectively, parties on the basis of, and in reliance on, representations in
the following terms and the Guarantor represents and warrants as follows:

 (a) STATUS: the Guarantor is duly incorporated with limited liability
 and validly existing under the laws of the Republic of Panama;